Texas § GV.2270.0208 - AUTHORIZED INVESTMENT IN LISTED COMPANIES

§ GV.2270.0208. AUTHORIZED INVESTMENT IN LISTED COMPANIES

AUTHORIZED INVESTMENT IN LISTED COMPANIES. (a) An investing entity may cease divesting from or may reinvest in one or more listed companies if clear and convincing evidence shows that the value for all assets under management by the entity becomes equal to or less than 99.7 percent of the hypothetical value of all assets under management by the entity had the entity not divested from listed companies under this chapter. (b) An investing entity may invest in a listed company as provided by this section only to the extent necessary to ensure that the value of the assets managed by the entity does not fall below the value described by Subsection (a). (c) Before an investing entity may invest in a listed company under this section, the entity must provide a written report to the presiding officer of each house of the legislature and the attorney general setting forth the reason and justification, supported by clear and convincing evidence, for its decisions to cease divestment, to reinvest, or to remain invested in a listed company. (d) The investing entity shall update the report required by Subsection (c) semiannually, as applicable. (e) This section does not apply to reinvestment in a company that has ceased to be a listed company. Added by Acts 2007, 80th Leg., R.S., Ch. 1375 (S.B. 247 ), Sec. 2, eff. January 1, 2008. Transferred, redesignated and amended from Government Code, Chapter 806 by Acts 2017, 85th Leg., R.S., Ch. 96 (S.B. 253 ), Sec. 4, eff. May 23, 2017.